Cash Method Of Accounting
Accounts for income and expenses when actually received or paid.

Audit
A systematic review or examination of the assertions or actions of a third party to evaluate conformance to some norm or benchmark.

Statement
A formal written summary of outstanding invoices.

Base Adjustment
Adjustments made to the initial base level budget to reflect total base level funding available to the agency. The list of acceptable base level technical and policy adjustments are included in the biennial budget instructions. Adjustments are generally made on a technical or policy basis. Examples of technical adjustments are one-time appropriations and program sunsets. Examples of policy adjustments are salary increases and space rental changes.

Accrual Method Of Accounting
In the context of a financial audit, audit findings represent weaknesses or deficiencies in internal controls, or instances of noncompliance with applicable laws and regulations, that are presented in an audit report.

Ledger
A physical collection of related financial information, such as revenues, expenditures, accounts receivable, and accounts payable.

Accrual Method Of Accounting
Accounts for income and expenses in the 12-month period earned or incurred, which is not necessarily when it is received or paid.

Receipt
A written record of a transaction.

Accounts Payable
Amounts that a business owes

Compliance Audits
Compliance audits are internal or external audits performed to evaluate whether systems or processes are designed and operating effectively to ensure compliance with pertinent laws, rules, regulations, and internal policies and procedures